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Glacier Bancorp (GBCI): analysis traps
Where its figures could mislead a reader, and what to check before taking them at face value · Data: Q3 2026, to Sep 30, 2026, filed Nov 3, 2026; rules v1.1
Glacier Bancorp (GBCI): 1 rule of 10 triggered on the filings to Sep 30, 2026: stock compensation added back = no economic cost; 4 with insufficient data; 4 not applicable. Each is a question to verify, with the normal explanation that would produce the same figures.
Check these first
Stock compensation added back = no economic cost Triggered · severity medium · confidence high
Stock compensation was $6M, 6.3% of revenue, in FY2025; buybacks were $0 (0.0× the SBC) and the diluted share count still rose 5.9%. 'Adjusted' figures that add SBC back treat pay in shares as free; the cost is borne by every shareholder as dilution, or by the cash spent to buy the shares back.
Innocent reading: A young company paying in equity while it scales; intensity falls as revenue grows.
Every rule
A01 FCF growth = the business improved Not applicable
a financial company: free cash flow after capex is not the measure of its business
A07 Stock compensation added back = no economic cost Triggered severity medium · confidence high
Stock compensation was $6M, 6.3% of revenue, in FY2025; buybacks were $0 (0.0× the SBC) and the diluted share count still rose 5.9%. 'Adjusted' figures that add SBC back treat pay in shares as free; the cost is borne by every shareholder as dilution, or by the cash spent to buy the shares back.
The figures and how they are read
| Fiscal year | FY2025 |
| Stock compensation | $6M |
| Revenue | $101M |
| SBC / revenue | +6.3% |
| Buybacks | 0 |
| Buybacks / SBC | 0.0 |
| Diluted shares, year before | 113.2M shares |
| Diluted shares | 119.9M shares |
| Diluted shares: change | +5.9% |
SBC / revenue from the cash flow statement's add-back; the diluted weighted share count year over year; buybacks from the financing section
Source: FY2025 (stock compensation, buybacks and the diluted share count, fiscal year)
What would explain it innocently
- A young company paying in equity while it scales; intensity falls as revenue grows
- Buybacks at prices below intrinsic value make up for the dilution over time
- A one-off grant (an acquisition, a founder award) rather than a steady level
What to look for in the filing
- The share count after the latest buybacks (the next 10-Q's cover)
- The price paid for the buybacks against the shares' value
- Unvested awards outstanding
What would show the trap does not apply
- The diluted share count falls over two years with buybacks at least equal to the stock compensation
- Stock compensation falls as a share of revenue in each of the next two years
Look again: next filing.
B02 Receivables growing = future cash is certain Not applicable
a financial company: receivables and DSO are not its working capital
B08 Adjusted profit = economic profit Insufficient data
no reconciliation table read from the releases yet and fewer than three quarters with both an adjusted and a GAAP EPS
C02 Low net debt = no refinancing risk Insufficient data
no debt figure could be read from the balance sheet (the filing may tag it in other lines)
D03 EPS growth = profit growth Insufficient data
no quarter with EPS, net income and diluted shares for both this year and last
E02 Low P/E at a cyclical peak = undervalued Not applicable
a financial company: J06 reads its cycle instead
E07 A precise DCF value = the true value Insufficient data
no DCF in the valuation research for this company
J06 A bank's low P/E and high profit = safe Not triggered confidence low
At 18.7× net income of $348M (median $239M over eight years) the profit is not at a cycle high priced as cheap; the credit cycle is still the thing to read.
The figures and how they are read
| market value | $6.5B |
| net income ttm | $348M |
| pe ttm | 18.70 |
| net income median fy | $239M |
| pe mid cycle | 27.30 |
| years | FY2018 / 182.0; FY2019 / 211.0; FY2020 / 266.0; FY2021 / 285.0; FY2022 / 303.0; FY2023 / 223.0; FY2024 / 190.0; FY2025 / 239.0 |
| down years in window | 2 |
a bank's P/E on trailing net income against the P/E on its median net income of the last eight years; credit losses, deposit costs and capital are what turn the cycle, none of which the P/E shows
Source: Q3 2026 (net income)
J08 A REIT's low net income = the dividend is unsafe Not applicable
not a REIT
What the statuses mean
Triggered: the filings show the pattern; read the normal explanations and the missing evidence before concluding anything. To review: one quarter or a weak signal; a reader's judgement, not a pattern. Not triggered: the pattern is absent on these figures. Insufficient data: the filings read so far do not hold what the rule needs; this is not a clean bill. Not applicable: the rule is not meant for this kind of company (a bank's working capital, a loss-making quarter's EPS growth). Out of date: the latest filing is more than fifteen months old.
Severity is what the pattern could mean for cash, value or solvency; confidence is how reliable the inputs and the reading are. The two are kept apart.
Record a view
A reader's judgement, grounds, what would change it and the next review; kept in the browser (needs JavaScript).
Every rule and the companies it triggers on → Glacier Bancorp: cash flow →
Each rule reads the company's own filings by a fixed formula and says what would explain the same figures innocently. A triggered rule is a question to verify, not a finding of manipulation, and not a view on the stock. Missing data is shown as missing, never as clear. Not investment advice.